Godrej Properties Secures Rs 6,000 Crore to Fuel Expansion Amidst Soaring Demand

Godrej Properties has raised Rs 6,000 crore via a QIP to expand its residential projects amidst strong demand. With a notable presence in key Indian cities, the company targets Rs 27,000 crore in sales bookings and has acquired new land parcels to support this growth objective.

Godrej Properties has successfully raised Rs 6,000 crore through a Qualified Institutional Placement (QIP) as part of its strategy to bolster business expansion, driven by burgeoning demand for residential plots and apartments.

The company initiated the QIP issue last week, with its board's Placement Committee finalizing the closure on Monday. The shares were priced at Rs 2,595 each, marginally discounted from the floor price. A total of 2,31,21,387 shares were allocated to qualified institutional buyers as approved by the committee.

Amid impressive growth in sale bookings, which jumped 84% to Rs 22,527 crore last fiscal, the firm aims for Rs 27,000 crore in the current fiscal. Godrej Properties has actively expanded, acquiring eight new land parcels, signifying a significant step towards its ambitious growth targets.

(With inputs from agencies.)